Miami’s women in VC are rewriting the investment playbook

By Riley Kaminer

Venture capital remains a male-dominated industry. Despite decades of discussion around diversity, the numbers have barely budged. In the US, women still make up less than 15% of decision-makers at VC firms, and only 2% of total VC funding goes to startups founded solely by women. 

The statistics are stark. But in Miami, a growing number of female investors are working to change that. Their insights highlight the progress made, and the work still ahead. Let’s hear directly from them on where we are and where we need to go.

Laura I. Maydón, founder of Ascendo Venture Capital, is optimistic about the growing presence of women in venture capital but acknowledges the gap that remains. 

“While recent reports indicate modest improvements – with more women-led funds and female investment partners than a decade ago – significant disparities persist. Currently, women still make up less than 15% of decision-makers at VC firms, despite evidence that teams with diversity of gender and backgrounds consistently outperform,” she told Refresh Miami. 

Maydón emphasized the need for active efforts to bridge this gap, including mentorship, pipeline development, and stronger connections between female investors and capital sources. 

“Progress will continue when LPs and broader capital markets recognize that prioritizing investments in women-led funds is not only a better representation of our society but also a sound fiduciary decision to generate top returns.”

One of the most compelling arguments for increasing female representation in VC is performance. Women-led companies tend to generate higher returns per dollar invested, yet they continue to receive a small fraction of overall funding. 

Alexis Alston of Lightship Capital points to the numbers: “A study from BCG found that women-led startups generate more revenue per dollar invested than those led by men. Companies with women founders returned 78 cents per dollar invested, compared to 31 cents for male-led startups. When these companies go public, they tend to outperform as well. Research from S&P Global found that in the 24 months post-appointment, companies with women CEOs saw a 20% increase in stock price momentum.” 

Alston believes the key to change is increasing capital flow to emerging women-led funds. “We need more LPs investing in emerging funds. Emerging fund managers everywhere struggle to raise their early funds – and this disproportionately affects women GPs. If we want real change, we have to start where it actually matters: who controls the dollars.”

Miami has emerged as a hub for diverse investors and founders, offering a more collaborative and inclusive environment than many traditional VC hubs. For Kerry Leigh Miller, co-founder of IDA Ventures, the city’s supportive networks have been instrumental in her success. 

“When I moved to Miami, I was amazed by how welcoming and inclusive the city is, with diverse networks that foster collaboration and support. These communities, ranging from running clubs to entrepreneurial groups, have created an environment where innovation thrives,” Miller said.

She also sees the city as a place where women can create lasting impact, much like her great-grandmother, for whom IDA Ventures is named. “If she could succeed in the early 1900s as a woman in business, we absolutely have the potential to make an impact today. By expanding access to capital, creating more transparent and equitable funding processes, and providing women with the tools and resources to scale their businesses, we can build a more inclusive environment in venture capital and entrepreneurship.”

For Patricia Wexler of Avila VC, the ultimate goal is to reach a point where gender no longer dictates access to capital. 

“For better or worse, capitalism over time tends to allocate capital where returns are highest. I’m hopeful that as more women demonstrate their investing prowess and build successful firms, our share will increase commensurately, until there is no gap attributable to historical underrepresentation or bias.” 

Wexler points to trailblazers like Kristen Green of Forerunner and Sarah Guo of Conviction as early examples of success. “Excellence begets capital. The more female investors we have proving their ability to generate returns, the more LPs will follow.”

Laura González Estéfani, founder and CEO of TheVentureCity, believes women in venture need to aim higher and stop settling for smaller opportunities.

“We take more risks than men, but we also dive deeper into operations,” she said. “When startups need us, we step up and solve problems. When we have conviction, we go further than any man.”

She asserted that women should rethink how they approach capital. “Forget the stats about leftover capital for women – there are trillions of dollars out there. We shouldn’t settle for fragmented, small-scale initiatives. Instead, we need bigger, unified funds.”

The real issue, she said, is that too many women opt for what feels like the easier, short-term path. “We bear responsibility for where we are because we’ve sometimes chosen the less painful, shorter route. We should say no to smaller checks when we’re worth just as much as men. Taking fractional capital might seem like a win, but long-term, it holds us back.”

While many conversations about gender diversity focus on investment dollars, the reality is that decision-making power remains highly concentrated. Maggie Vo, managing general partner and chief investment officer at Fuel Venture Capital, underscores the importance of having more women in leadership roles. 

“It is critical to have women in leadership roles – especially as general partners who can write checks, lead deals, and sit on boards. Despite ongoing discussions about diversity, the reality remains stark, particularly in large VC funds and senior-level positions.” 

Vo is committed to expanding female leadership within her firm. “At Fuel Venture Capital, we are in the process of expanding our leadership team by bringing in a female General Partner and junior partners because we firmly believe that diverse teams drive higher returns and better decision-making. Women supporting women is not just important – it is essential. The data speaks for itself: women-led venture funds are twice as likely to invest in startups with at least one female founder and more than three times more likely to invest in a female CEO.”

Her firm recently backed two female-founded companies in Miami: Aarcor AI and Leap Financial. “We welcomed 2025 by leading a $4.5 million pre-seed round for Aarcor AI and a $3.5 million seed round for Leap Financial.” 

Vo continued: “Investing in female founders isn’t just about diversity – it’s about backing the best talent.”

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